Source: Republic of Turkey Investment Office
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Turkish Startups Break Fundraising Record in 2020
Startups Watch, a Turkey-based platform offering analytics of Turkey’s startup ecosystem, unveiled its “Turkish Startup Ecosystem 2020 Year in Review” report on January 29.
The report revealed that 165 Turkey-based startups received USD 139 million from angel investors and venture capitals (VC) in total in 2020 – a new record for the country’s ecosystem. Among all European countries, Turkey ranked 3rd with total angel and VC funding, preserving its place in the 1st League. Turkish startups Insider, Meditopia and Getir were the country’s largest fundraisers of 2020.
The report noted that 2019 and 2020 staged striking exits of Turkish gaming startups, with Turkey’s gaming industry clinching the top spot on the list of the most popular category of startups.
Foremost among these was Turkey-based gaming startup Peak Games, which made Europe’s biggest VC-backed exit in 2020 and became the country’s first unicorn.
On a side note, the report shed light on Turkey’s Regional Development Fund – a TRY 250 million-fund set up in 2020 to shore up the country’s startups.
